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Updated over 11 years ago,
Not so Newbie... looking for advice
Hi Everyone, My name is Rhoda and i live in mineapolis mn. I have been on here for a while reading and learning. I want to start investing in real estate and have come up with a plan. I would love some advice and feedback on this plan.
Looking to buy my first property at least a 2 bedroom condo or SFH for about $50,000. Rent is typically 900-1000 for 2 bedroom
I will live in one bedroom as my primary residence and rent out the other bedroom.
I will be financing 1/2 of the deal from a LOC with a 11% interest rate and the rest cash from savings
I will then refinance with a home equity loan.
I am not applying for a traditional mortgage because i do not qualify. I am a non resident alien. (This will change in the future)
The problem is neighborhoods that i want to live in due to school and work proximity have houses that sell well above this figure.
Should l continue to live in my apartment which i pay 460 a month for (share with a roommate) and then look at this venture purely as an investment?
Or should i just continue to look harder until i find something?
I have been mainly looking at listings on Trulia, Zillow and realtor.com
Is there anywhere else i should be looking?
Should i start working with realtors now? Will i find better deals through them?
I know these are so many questions....Please help! Thank you in advance :)